Life insurers' new biz premium up 17% at Rs 36,367 cr in September: Irdai

The new business premium income of domestic life insurance companies rose by 17.3 per cent to Rs 36,366.53 crore in September of this fiscal year, data from Irdai showed on Tuesday.

All the 24 life insurance companies had a collective premium income of Rs 31,001.17 crore in the same period a year ago.

The largest and the only state-owned insurer LIC recorded a jump of nearly 35 per cent in the new premium income of Rs 24,991.26 crore in September 2022-23, as against Rs 18,520.21 crore in same period of 2021-22, showed the data from the Insurance Regulatory and Development Authority of India (Irdai).

However, the rest of the 23 players in the private sector witnessed a decline of 8.9 per cent in their combined new premium income during the reported month at Rs 11,375.27 crore as against Rs 12,480.96 crore a year ago.

Among the private sector players: SBI Life registered a fall of 15 per cent in new premium income at Rs 2,471.37 crore; HDFC Life down by 22.3 per cent at Rs 2,165.97 crore; Bajaj Allianz Life at Rs 670.43 crore, down by 38.2 per cent; and ICICI Prudential Life down by 4 per cent at Rs 1,409.88 crore.

Among others, Max Life witnessed a rise of 3.14 per cent at Rs 706.66 crore; PNB MetLife premium was up by 45.3 per cent at Rs 300.62 crore; Tata AIA Life up 39 per cent at Rs 625.61 crore and Aviva Life up 11.3 per cent at Rs 25.71 crore.

On a cumulative basis from April-September period of 2022-23, the new business premium of all the 24 life insurers moved up by 37.88 per cent at Rs 1,81,976.96 crore. It was at Rs 1,31,981.89 crore in same period of 2021-22.

For LIC, the cumulative new business premium during the first half ended September of the current fiscal year was up by 45.91 per cent at Rs 1,24,191.08 crore.

All the private sector players reported a rise of 23.3 per cent in their combined cumulative new premium income during April-September period of FY23 at Rs 57,785.88 crore.

LIC commands the largest market share at 68.25 per cent. SBI Life has the largest market share among private sector players at 7.19 per cent followed by HDFC Life (6.07 per cent); and ICICI Prudential Life (4.04 per cent).